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UBS analyst Gregor Kuglitsch has raised the price target for Heidelberg Materials AG to €155 from €128, maintaining a Neutral rating. The revision follows a stock rally and is based on a Sum of the Parts valuation, reflecting an 11x EV/EBITDA multiple for North America and 6x for other operations. While the company's multiples appear undemanding, potential upside exists if European sector earnings are re-rated, though risks remain if pricing conditions weaken.
Heidelberg Materials reported a six percent increase in operating profit for 2024, reaching 3.2 billion euros, despite a decline in sales. The company remains optimistic about stabilizing demand in the construction sector and aims to end the sales decline in Western Europe this year. Investors are eyeing a potential rise in shares towards the 150-euro mark, following recent positive trends.
UBS has increased its price target for Heidelberg Materials from 121 to 128 euros while maintaining a "Neutral" rating. Analyst Gregor Kuglitsch noted that although the shares present opportunities, significant upside potential at the current price level remains uncertain. In the building materials sector, UBS's "Top Picks" for 2025 include CRH, Buzzi, and Kingspan.
Heidelberg Materials AG, a leader in cement and building materials, reports its sales distribution as follows: cements (45.5%), ready-mix concrete and asphalt (27.5%), aggregates (18%), and other products (9%). Geographically, sales are concentrated in the United States (20.4%), Germany (9%), and the United Kingdom (8.9%), among other regions.
Raiffeisen Research has removed SBO from its Top Picks list, citing a lack of support for energy stocks due to current oil price forecasts and uncertainties in future oil production projects. The updated list includes companies such as 3M, Allianz, Amazon, and Microsoft, among others. Verbund, Austria's leading electricity company, is a major player in hydropower generation and has been publicly listed since 1988.
UBS AG has maintained a "Neutral" rating for Heidelberg Materials shares, setting a target price of 121 euros following the acquisition of Giant Cement, which contributes only 2% to the company's EBITDA. The shares rose 1.1% in XETRA trading, reflecting a 51.7% increase since the start of 2024, indicating potential growth. Key figures for Q4 2024 are expected to be released on March 25, 2025.
UBS AG has maintained a "Neutral" rating for Heidelberg Materials, setting a target price of 121 euros following the acquisition of Giant Cement, which contributes only 2% to the company's EBITDA. Analyst Gregor Kuglitsch views the strategy of acquiring medium-sized suppliers in the U.S. as a prudent move for long-term growth. As of 11:03 a.m. in the XETRA session, shares rose 1.1% to EUR 119.10, reflecting a 51.7% increase over the past year, with Q4 2024 results expected on March 25, 2025.
Heidelberg Materials AG focuses on producing and marketing cement and building materials, with product sales comprising 45.5% cements, 27.5% ready-mix concrete and asphalt, 18% aggregates, and 9% other materials like lime and bricks. Geographically, sales are distributed across various regions: Germany (9%), the United States (20.4%), the United Kingdom (8.9%), Australia (6.8%), France (6.4%), Indonesia (5%), Canada (4.9%), Italy (4.2%), and others (34.4%).
UBS has increased its price target for Heidelberg Materials from 106 to 121 euros while maintaining a "Neutral" rating. The revision follows the cement group"s positive outlook and efficiency program, which boosted EBITDA estimates through 2027. However, analysts note that more optimistic targets are already reflected in the current share price after a recent rally.
UBS has increased its price target for Heidelberg Materials from 106 to 121 euros while maintaining a "Neutral" rating. The revision follows the cement group"s positive outlook and efficiency program, which boosted operating earnings (EBITDA) estimates through 2027. However, the analyst notes that more optimistic targets are already reflected in the current share price after a recent rally.
Heidelberg Materials AG
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